Isle of Man upgrades its licensing process

The renovated gaming licenses have been introduced by the GSC.
The renovated gaming licenses have been introduced by the GSC.

The e-Gaming licensing process will implement new changes in its conditions.

Isle of Man.- Regional gaming authorities have approved several changes for the e-Gaming licensing process. The Isle of Man Gambling Supervision Commission (GSC) will start implementing the new conditions on upcoming gaming licenses.

The updated licensing structure following has surged from probe’s results that showed the assessment on the industry by Isle of Man’s sector stakeholders. The changes of the process contemplate several features of the regulation.

GSC’s licensing structure will no longer include additional charges raised for network partners. Isle of Man’s authorities will also accept test certificates granted by foreign and other gambling regulators as long as they are under a Memorandum of Understanding with the GSC. Furthermore, gaming operators will be able to offer services with convertible digital currencies, such as Bitcoin or virtual goods such as skins. Finally, a full license holder will have the option to offer back office system to its sub-licensee as well as the provision of games and lottery products.

Steve Brennan, Chief Executive Officer at the GSC, commented: “These new regulations respond to the changing regulatory environment both locally and internationally. With the removal of fees for network partners, a simplified test certificate procedure, a broadening of the services licence holders can offer to sub-licensees and the recognition of digital currency payments we have reduced unnecessary regulatory burdens and responded to technological advancements.”